Platform Development for Reverse Mortgage Lender

Background

Praxent has received very positive internal feedback on the first phase of development. They’ve consistently taken the client’s feedback into account when making changes to the portal design, while keeping the deliverables well within the timeline and budget. 

Introduce your business and what you do there.

I’m the strategic marketing project coordinator for the top reverse mortgage subservicer in the country.

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Opportunity / Challenge

What challenge were you trying to address with Praxent?

Our company services over 30 mortgage lenders and reverse mortgage lenders. Praxent was tasked with designing a customer portal to give our borrowers more access to their own accounts. That way, we’d avoid overwhelming the call center.

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Solution

What was the scope of their involvement?

The average age of our lenders is 75, so we wanted to make sure that we create a platform that they could easily navigate. Praxent helped us talk through what features our borrowers would most likely use and how much information should be provided. We discussed how to meet the needs of our unique borrowers while staying within our set budget and timeline. Since, we’ve developed the design and agreed on all the features for the first round of development.

We want to onboard our new CIO before jumping into the backend plans. But, we’re pretty set on which technologies we’ll be using, so Praxent will be helping us kick off development pretty soon.

What is the team composition?

So far, we’ve worked with five or six of their team members, including Deana (Principal Product Strategy, Praxent) and Kelly (Senior Delivery Lead, Praxent). There’s also a technology architect, 2–3 designers, and a couple of backend architecture professionals.

How did you come to work with Praxent?

I worked with them in a prior role at a different company and knew they’d be a good fit when our IT department found them again. They built a portal for my other company in the past, so I was confident that they could offer the best solution this time. We liked that they were local, but their approach to development and team structure was most important to us.

How much have you invested with them?

We’ve invested about $50,000 in the first phase of development with them.

What is the status of this engagement?

We began the project in March 2019, and the work is ongoing.

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Results & Feedback

What evidence can you share that demonstrates the impact of the engagement? 

Metrics won’t come until after development, but everyone here has been very pleased with their work. As part of Praxent’s process, they provide a click model in the first phase, which is essentially a shell showing how the finished portal will look and feel. We’ve circulated that here, and everybody is excited about moving into development with it.

How did Praxent perform from a project management standpoint?

They’re the easiest company we’ve ever worked with. The whole team is always in sync and easily stays on top of our tight timeline and budget. There have been no surprises whatsoever.

What did you find most impressive about them?

They’ve always listened to our feedback, incorporating minor changes and suggestions into their work. Even given the adjustments, Praxent consistently finds solutions that keep us on schedule and within our budget.

Are there any areas they could improve?

No, we’re really satisfied with them.

Do you have any advice for potential customers?

Come in with as many questions and ideas as you can. Then, rely on their expertise to help weed through it all.